I’m Laura Leyshon and I’m Las Palmas’ resident property expert. I work for RE/MAX Cony Overseas, one of the city’s oldest estate agencies and the first RE/MAX office to open in Europe. Cony Overseas has an excellent local reputation and has helped hundreds of foreign buyers and sellers in Las Palmas and all over Gran […]
The most common complaint I hear from foreign buyers about Gran Canaria estate agents is that they never reply to emails. In this post I explain why this happens all the time and how to work around it.
Why won’t Gran Canaria estate agents answer my emails?
There are two main reasons why many Gran Canaria estate agents don’t answer emails and portal messages… [Read more…]
The combination of extra light, outdoor space and low noise levels means that top floor Las Palmas apartments of all sizes attract far more buyers than equivalent properties on lower floors.
Known as ‘áticos’, or ‘lofts’ in the case of top floor studios, Las Palmas Penthouse apartments are always in high demand
Selling a Las Palmas penthouse
I have something of a reputation for selling Las Palmas penthouse apartments as I focus on the luxury end on the market.
In the last two years, I’ve sold 15 penthouse and beachfront apartments for my clients. All sold for close to the real market value that I provided to the owners. Most sold within three months of going on the market.
If you are a Las Palmas ático owner, here are my tips for selling promptly and at a good market price…
Reach buyers already looking for your property
Penthouse property buyers tend to be affluent and are looking for a property that enhances their lifestyle. They often have specific requirements and are willing to wait for the right property.
Most use an estate agent to keep an eye on the market and inform them about new properties. This is especially true of foreign and non-resident buyers who account for up to 40% of Las Palmas property purchases.
Even local buyers looking for an ático tend to work with their estate agent to pre-filter properties.
What this means is that quality penthouse apartments in Las Palmas often sell as soon as they go on the market.
I’ve had quality penthouse apartments sell within a few days of going on sale and at the market price.
Getting the price right
Most property in Las Palmas is fairly simple to value. You multiply the square metres by the average price in the area and make adjustments for the condition, lack of lift, etc.
However, with Las Palmas áticos, getting the correct valuation is more art than science.
A correct valuation requires an in-depth look at the market and a comparison with all other penthouses on sale in the city. The condition of an ático, and the sensation it evokes when you first walk in, are also important considerations. Other factors include the orientation, outdoor space and the views.
Some price and desirability factors vary depending on the buyer. For example, local buyers are put off by penthouse apartments in older buildings without a lift. However, foreign buyers often don’t mind the stairs as long as they have a big terrace.
The potential for holiday rentals also affects the value, especially now that comunidades can stop new holiday lets in a building.
With so many factors affecting the market value of Las Palmas penthouse property, it’s vital to get a professional valuation right from the start.
For more info on the local market, read my guide to Las Palmas property 2020.
Factor in refurbishment costs
An ático is in an unrestored state with old electrical and water fittings will always sell for less than a modernised penthouse. The cost of a thorough redecoration, including electrical and water fittings and windows, is around 500-600 euros per square metre.
This cost can be factored into the sale price or the work done in advance. However, please consult a local expert before you invest in refurbishment as it is easy to waste money.
Show the property at its best
Many Las Palmas penthouses go on the market unrefurbished and some without even basic tidying and staging.
Selling unrestored isn’t necessarily a bad idea as many buyers value the chance to alter layouts and decorate to their own taste. In these cases, quality architectural drawings help buyers to visualise the property in its final state.
Basic staging and decluttering is essential in penthouse apartments because first impressions of a space are vital.
Get your paperwork up-to-date
Most Las Palmas penthouse apartments, especially those built since the 1980s, have their paperwork in order at the Las Palmas town hall and the Spanish property registry.
However, older properties often need their paperwork updating. It’s worth going to the trouble to legalise old modifications and clarify terrace rights and access in advance. This removes doubts from potential buyers’ minds and makes the sales process smoother.
Selling a Las Palmas penthouse apartment?
I currently have two Las Palmas áticos on the market, with several more coming up. I also have a long list of buyers just waiting for the right penthouse to hit the market.
If you plan to sell a top floor property in Las Palmas, please get in touch for a free assessment and professional valuation. As well as a penthouse specialist, I’m been of Spain’s top-selling estate agents for several years in a row.
Every year, I write a guide to the current state of the Las Palmas de Gran Canaria property market and give my predictions for the next 12 months. Here’s the Las Palmas property 2020 report.
It’s a tricky job this year because there are so many factors that could affect property prices. Mostly, it has to be said, in a negative way.
On a local scale we have a deflating touristic bubble in Gran Canaria, the collapse of Thomas Cook, a decline in holiday rental investment and a big increase in new-build property. [Read more…]
While writing the 2020 guide to the Las Palmas de Gran Canaria property market, it occurred to me that there is a big unanswered question about the future.
If the Las Palmas property market keeps growing, who are the buyers?
Gran Canaria runs on its own time
The Canary Islands are an hour behind the rest of Spain and on the same time as London. This gives the islands up to a billion euros per year of brand exposure on Spanish radio and TV. It’s so important that the Canary Islands have said that they will jump by an hour if Spain changes timezone to better suit its location.
It’s not just the “una hora antes en Canarias” that keeps the islands in a different timestream. Many of the words that the rest of the world use to describe time just don’t work here. [Read more…]
When I wrote the 2019 guide to Las Palmas property in late 2018 I noted that I expected average prices to rise in 2019 despite a set of moderating factors.
These were; a decline in tourist rental investment, an increase in new-build property, and the inevitable decline in tourist numbers following the recent boom.
We must now add the uncertainty of national elections on April 28 and local elections on May 25.
Let’s have a look at each of these factors in more detail… [Read more…]